Sidoti started coverage on shares of PNM Resources (NYSE:PNM) in a research note released on Monday morning, The Fly reports. The brokerage issued a buy rating on the utilities provider’s stock.
A number of other research analysts also recently issued reports on PNM. UBS Group boosted their price objective on PNM Resources from $45.00 to $49.00 and gave the company a buy rating in a research note on Friday, June 5th. Mizuho boosted their price objective on PNM Resources from $43.00 to $45.00 and gave the company a buy rating in a research note on Wednesday, June 3rd. TheStreet upgraded PNM Resources from a c rating to a b- rating in a research note on Monday, August 31st. Wells Fargo & Company upgraded PNM Resources from an equal weight rating to an overweight rating in a research note on Tuesday, August 11th. Finally, Zacks Investment Research downgraded PNM Resources from a buy rating to a hold rating and set a $41.00 price target for the company. in a research note on Tuesday, May 26th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $45.89.
NYSE PNM opened at $40.19 on Monday. PNM Resources has a 52 week low of $27.08 and a 52 week high of $56.14. The firm has a market capitalization of $3.20 billion, a P/E ratio of 18.19, a PEG ratio of 3.79 and a beta of 0.58. The company has a quick ratio of 0.20, a current ratio of 0.26 and a debt-to-equity ratio of 1.39. The company has a 50-day moving average price of $42.82 and a 200-day moving average price of $40.68.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Monday, November 2nd will be paid a $0.308 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.23 annualized dividend and a yield of 3.07%. PNM Resources’s payout ratio is 56.94%.
Several hedge funds and other institutional investors have recently bought and sold shares of PNM. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of PNM Resources by 24,588.4% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,394,778 shares of the utilities provider’s stock valued at $91,002,000 after acquiring an additional 2,385,078 shares during the last quarter. Zimmer Partners LP bought a new position in shares of PNM Resources during the 1st quarter valued at approximately $82,650,000. Macquarie Group Ltd. boosted its position in shares of PNM Resources by 12,833.4% during the 2nd quarter. Macquarie Group Ltd. now owns 1,590,806 shares of the utilities provider’s stock valued at $61,151,000 after acquiring an additional 1,578,506 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of PNM Resources by 29.9% during the 1st quarter. Franklin Resources Inc. now owns 2,602,682 shares of the utilities provider’s stock valued at $98,902,000 after acquiring an additional 599,523 shares during the last quarter. Finally, FMR LLC boosted its position in shares of PNM Resources by 11.7% during the 2nd quarter. FMR LLC now owns 3,227,068 shares of the utilities provider’s stock valued at $124,049,000 after acquiring an additional 336,893 shares during the last quarter. Hedge funds and other institutional investors own 98.85% of the company’s stock.
About PNM Resources
PNM Resources, Inc, through its subsidiaries, engages in the energy and energy-related businesses in the United States. It operates through Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment is primarily involved in the generation, transmission, and distribution of electricity.
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